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Before you apply for a business grant, you need to make sure your business plan is in order!

A business plan is more than just an overview of your idea – it needs to be concise, detailed and should carry through to at least the first 18 months of operation.  

What is a good business plan?
A good business plan should provide a complete, detailed explanation of your business, your marketing plan, a comprehe

nsive budget, and bios of the founders and other key personnel, and most importantly – a financial forecast for the profitability of your new venture.

As part of the marketing strategy, you will need to be able to accurately describe the market for your product or service, projected price points, potential or existing competition, and your expected revenues for at least the first 18 months, and preferably, the first 36 months.

As part of the business overview and budget, you will need to provide an accurate description of your staffing needs (type of staff, salaries etc), your office and equipment needs (everything from desks to computers, staples to file folders!) and of course, you need to include the overhead cost of your location as well.

If this sounds like a lot of work – it is, but it’s a necessary part of the business grant application process and you won’t get your funding without it!

The best way to handle this project is to allow plenty of time for it, and break it down into small easily managed pieces. Don’t rush yourself with this – it’s a huge part of the business grant process and it’s too important to not do it right!

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Filed under: Business Grant

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